Akamai Technologies, Inc. (NASDAQ:AKAM) Sees Significant Decline in Short Interest

Akamai Technologies, Inc. (NASDAQ:AKAM) was the recipient of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 7,990,000 shares, a decline of 6.3% from the September 30th total of 8,530,000 shares. Approximately 5.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,440,000 shares, the short-interest ratio is currently 5.5 days.

Insider Buying and Selling

In related news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction of $100,730.00. Following the sale, the director now owns 16,719 shares of the company’s stock, valued at $1,684,104.87. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $100.69, for a total value of $251,725.00. Following the completion of the sale, the chief technology officer now directly owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction of $100,730.00. Following the sale, the director now directly owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,500 shares of company stock valued at $741,655 in the last quarter. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Akamai Technologies

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in shares of Akamai Technologies by 25.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock worth $156,088,000 after buying an additional 347,626 shares during the last quarter. Champlain Investment Partners LLC grew its holdings in Akamai Technologies by 19.6% during the first quarter. Champlain Investment Partners LLC now owns 1,354,428 shares of the technology infrastructure company’s stock valued at $147,308,000 after purchasing an additional 222,290 shares during the period. Intech Investment Management LLC grew its holdings in Akamai Technologies by 409.2% during the first quarter. Intech Investment Management LLC now owns 248,045 shares of the technology infrastructure company’s stock valued at $26,977,000 after purchasing an additional 199,334 shares during the period. Empyrean Capital Partners LP acquired a new position in Akamai Technologies during the second quarter valued at approximately $15,314,000. Finally, Renaissance Technologies LLC grew its holdings in Akamai Technologies by 33.3% during the second quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company’s stock valued at $58,678,000 after purchasing an additional 162,700 shares during the period. 94.28% of the stock is owned by institutional investors.

Akamai Technologies Trading Down 0.5 %

Shares of AKAM stock opened at $100.57 on Friday. Akamai Technologies has a 12-month low of $87.59 and a 12-month high of $129.17. The company has a market capitalization of $15.24 billion, a P/E ratio of 24.89, a P/E/G ratio of 3.27 and a beta of 0.68. The firm has a 50-day moving average price of $101.00 and a 200 day moving average price of $97.26. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.50.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.05. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The company had revenue of $979.60 million during the quarter, compared to the consensus estimate of $977.67 million. During the same period in the previous year, the firm posted $1.01 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. Research analysts forecast that Akamai Technologies will post 4.42 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on AKAM shares. Craig Hallum upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating and boosted their price target for the company from $110.00 to $125.00 in a report on Friday, August 9th. Scotiabank boosted their price target on Akamai Technologies from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research note on Friday, August 9th. Piper Sandler cut their price objective on shares of Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. TD Cowen boosted their target price on shares of Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Hsbc Global Res upgraded shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $116.47.

Akamai Technologies Company Profile

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.